Oil prices open Tuesday’s trading session higher as colder weather in Europe and an expected hike in oil demand during the Christmas holidays drove markets positive for a second day.
Latest Oil Prices
In London, Brent crude oil futures for February 2011 delivery was trading at $92.86 a barrel, 07.30 GMT on the ICE Futures Exchange. WTI crude oil futures for February 2011 delivery was at $89.58, 07.30 GMT on the NYMEX.
“Crude oil prices climbed, lifted by strong gasoline futures ahead of expected holiday demand and also by cold weather, which supported heating oil futures.” Phillip Futures said in a report.
Oil Demand Driving Prices Higher – OPEC
OPEC has said the current high price of crude oil is being driven by market sentiments.
OPEC, in its December monthly oil market report, said “The crude oil futures hit a 25-month high amid a weaker US dollar and growing demand. Crude oil futures prices continued to move within the $80 to $90 range for the second month in a row, driven by macroeconomics and bullish market sentiment following signs of a recovery in oil demand.”
Weekly US Oil Supply Report Pending
The US API (American Petroleum Institute) is scheduled to announce its oil inventory numbers later today while the Energy Department’s EIA reports its weekly supply data Wednesday, both of which may fuel short term oil price gains.
- Oil prices trading near $70 as global stock markets slump
- WTI oil price hangs near $88, oil demand in focus
- WTI oil price may drop lower to test $70 mark this week
- Brent oil price closes over $91 mark, $100 oil for 2011?
- WTI oil ends week trading over $89 on higher demand
- Brent oil price down near $84 on Euro debt worries
- Brent oil price firm at $77 as Asian markets move higher
- WTI oil trading above $75 amid higher US oil stocks
- Oil prices fell $5 this week, fears of weak oil demand grow
- Crude oil prices hammered lower as stock markets tumble
- Brent oil price near $82 as European markets rebound
- Oil prices face uncertain trading week, eyes on US, Europe
- Oil prices hanging onto trading gains as US markets slide
- WTI oil price trading back near $77 on US supply jump
- WTI oil price ends week over $76, tracks stock markets
- Oil prices end week’s trading session down eight percent
- Crude oil prices fall heavily, following stock markets lower
- Brent oil trading lower on continued euro debt concerns
- Oil prices trading at $71 mark, following stock markets
- Oil prices trading up, eyes on currencies euro & dollar
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Oil prices higher as cold weather stokes crude demand
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